Prices in Saskatchewan fell 3% year-over-year, according to the company’s recently released national housing outlook for next year. The average price in that province fell to $319,850.
“Higher than normal inventory characterized the Regina housing market in 2015, due to significant new construction that came on the market over the past two years,” RE/MAX said in the report. “High inventory kept Regina in a buyer’s market throughout 2015; however, as construction slows and inventory is absorbed, a more balanced market is anticipated next year.”
Meanwhile, the average price in Saskatoon fell 2% year-over-year to $354,150.
“An increase in new builds has created market conditions modestly favouring the buyer in Saskatoon,” RE/MAX wrote. “Currently, there are four months of inventory on the market, and inventory is expected to increase as more of these new builds come to market next year.”
Single-family homes priced between $350,000a and $425,000 were in the highest demand last year, according to the agency.
Similar to Regina, prices in Saskatoon are expected to remain stable next year.
So while the respective markets will show some improvement in 2016 over this year, they will remain difficult places to make significant gains as an investor.
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An excess of homes for sale has constricted price growth in Regina and Saskatchewan, according to RE/MAX who predicts those two markets – and local investors -- are in for a difficult 2016.